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Asia LNG prices reach 2022 peak
Spot liquefied natural gas (LNG) prices in Asian markets have risen to $30.40 per million British thermal units, marking the highest level since December 2022. This increase is driven by a surge in maritime attacks and damage to supply lines in the Middle East, leading to a reduction in Qatar's exports and heightened demand in the spot market to offset lost contracts ahead of the winter season. The price surge, which has tripled previous levels, has resulted in higher energy costs and increased household bills, prompting some countries to rely more on coal and thermal power. Asia and Europe are competing for spot gas shipments, while American gas flows to Europe have become more profitable, with total flows up by 5.5% to 21 billion cubic feet per day. Meanwhile, gas contract prices in Japan and Korea remain steady at around $30 in December, amid rising profits for shipping carriers in the Pacific and Atlantic Oceans.
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